Long-term unemployment

You may not have a job for a while in your life – six months, a year or maybe even longer, without a permanent source of income. You might have a spare money, but it’ll also run out. Even though you try to get a new job, you send out your CV, there might be no result. You have to pay bills every month and support your family.
That’s a possible scenario. Get ready for this eventuality today, even if you have regular payments. Remember that nothing is certain.

Before

• Gather all your contracts that generate expenses monthly
• Check conditions – amounts, duration, scope of the contract
• Negotiate cost reduction
• Negotiate contractual penalties and duration
• Terminate unnecessary contracts
• Reduce your expenses, pay attention to your real needs and meet them
• Put at least 10% of monthly income into a reserve. Don’t keep this money together with your current cash
• Build up supplies for at least 6 months

During

• Seek for new employment or alternative sources of income actively
• Make a list of people who may help you with finding a job
• Make a list of things you’re good at and you can be paid for
• Sell off the things you don’t necessarily need for life
• Manage the resources rationally, especially the money, maintain budgetary discipline
• Use the stocks you created
• Satisfy your basic needs
• Don’t contract or accept new commitments, even the smallest ones

After

• Put at least 10% of monthly income into a reserve. Don’t keep this money together with your current cash
• Rebuild a reserve

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